Don't put your trust in money, put your money in trust. Oliver Wendell
Holmes, (1841 - 1935). This
sound advice is still true for many. The average person can protect their
hard-earned assets from excessive taxes, swindlers, wasteful heirs, gov't
agencies, publicity, and probate court entanglements. You can protect your
assets during life and take care of your loved ones for a long time after
you are gone - if you plan now. Comprehensive estate planning is not just
for the rich. Everyone should have tailored documents
ready when disruptive events occur during life and after death.
PLANS FOR EVERY SITUATION:
Each person's estate
and goals are different; therefore, each person needs a tailored estate
plan. For many people, a good estate plan consists of a simple will
with durable powers of attorney for health care and finance. Others with
more complicated situations may also need to define and fund multiple
trusts. Finally, those with substantial assets and exposure to liability
may require multiple components and business succession planning. Some
estate plan components are listed here:
your assets after you are gone.
Pour Over Will:
Will clauses designating trusts for asset protection upon death.
Attorney for Health & Finance: Protects body and assets during life.
Trust: A trust activated when you die.
Trust: A trust active during your life (can be revocable or irrevocable).
Formula based trust protects your estate beyond tax exemption limits.
Trust: Protects your assets after death from wasteful heirs.
Trust: Allows Trustee(s) to "sprinkle" principle and/or
Protects assets while allowing you to retain control over
Trust: Protects (i.e., from government) but you give up some control.
Trust: Protects from government pgm's while caring for someone.
Trust: Protects against excessive estate taxes.
Trust: Allows the Trustmaker to provide for education of others.
Trust: Avoids excessive taxation through contributions to charity.
Pre-and Post-Nuptial Agreements: Protects spouses upon divorce.